Executive Condominium (EC) still draws keen interest judging by the bids submitted by ten developers for the new EC site at Yio Chu Kang. Tender closed on 18 February 2015 with Hoi Hup offering the highest bid at $183.8 million or $331 per square foot per plot ratio (psf ppr) for the 1.84 hectare plot which can potentially yield about 520 EC residential units.
The second bidder, Nanshan Group, submitted a bid at $173.2 million or $312 psf ppr which was a close 6.1% lower than Hoi Hup’s offering.
This Yio Chu Kang EC land parcel is situated close to amenities in Hougang where the Hougang MRT station, Bus Interchange and shopping malls are.
The rules and regulation regarding EC eligibility is stringent and only certain groups of people are eligible to apply for it. Would-be new property buyers may be keen to also consider new condo launch developments in the event that they do not fulfill the EC criteria requirements. Read up more on Executive Condo vs Private Condo.